Product Development Research Case Study

South Carolina Federal Credit Union

Upgrade to eChecking

Business Objective:

South Carolina Federal Credit Union is among the 100 largest credit unions in the United States with more than $1 billion in assets and more than 148,000 members.  As part of an effort to develop products and services that simplify banking for members and attract new members to the credit union, South Carolina Federal developed an electronic-based checking account designed to appeal to young consumers.

Research Objective:

To obtain young consumers' feedback to the proposed eChecking account, including account features, criteria to qualify for the account, and proposed promotions.


Research Inc. hosted two focus group sessions, one among South Carolina Federal members and another among non-members, age 18 to 29, in Charleston, SC.  Focus groups were also conducted, at a later date, to obtain reaction to proposed eChecking promotional offers.

The Result:

Initial research findings found that although consumers' reaction to the eChecking account was positive, the proposed features were not compelling enough to motivate young consumers to switch checking accounts.  This insight enabled the credit union to re-design features of the eChecking account prior to launching the product into the marketplace.  With features that are now more tailored towards 18 to 29 year olds' desires, South Carolina Federal hopes to attain a 50% adoption rate.